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  Topic: Treasury approved big
pay raises at bailed-
out AIG, Ally and
GM, report says
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Treasury approved big
pay raises at bailed-
out AIG, Ally and
GM, report says

Washington Post, by Danielle Douglas

Original Article

Posted By:Dreadnought, 1/28/2013 9:39:02 PM

The Treasury Department ignored its own guidelines on executive pay at firms that received taxpayer bailouts and last year approved compensation packages of more than $3 million for the senior ranks at General Motors, Ally Financial and American International Group, according to a watchdog report released Monday. The report from the special inspector general for the Troubled Assets Relief Program said the government’s pay czar signed off on $6.2 million in raises for 18 employees at the three companies. The chief executive of a division of AIG received a $1 million raise, while an executive at GM’s troubled European unit

      


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Reply 1 - Posted by: Keekng, 1/28/2013 9:41:37 PM     (No. 9145308)

Under the bus, you ignorant taxpayers!

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Reply 2 - Posted by: lylacat, 1/28/2013 9:42:49 PM     (No. 9145310)

This news is appalling. A little know fact is that Ally is OWNED 80% by the taxpayer; that is why GM can sell so many cars. 0% down 0% interest for several months, and when the buyer does not pay, the taxpayer picks up the tab. Isn´t America wonderful. Neither GM or Ally should be getting bonuses or pay increases until the taxpayer is paid back, and the taxpayer will NEVER be paid back. Greed and corruption at its best. It makes me puke.

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Reply 3 - Posted by: antiquegolf, 1/28/2013 10:11:34 PM     (No. 9145351)

"What difference does it make!"

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Reply 4 - Posted by: Dreadnought, 1/28/2013 10:13:26 PM     (No. 9145353)

Coincidentally, my twitter feed populated with a promoted tweet from Ally Bank: ´What to consider when deciding to give the gift of cash.´

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Reply 5 - Posted by: quark, 1/28/2013 10:20:50 PM     (No. 9145366)

Ally is the old GMAC

GM & Ally are the same.

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Reply 6 - Posted by: lil dotty, 1/28/2013 10:54:12 PM     (No. 9145393)

Well isn´t that convenient. What a country Money for nothing and the cars for free

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Reply 7 - Posted by: Spidey, 1/29/2013 4:53:13 AM     (No. 9145575)

100% pure Obama crony paybacks. Bet they were all at Obama´s secret inaugural.Obama was just saying last week he was going to crack down on corruption like this and some people believed him.

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Reply 8 - Posted by: pineledger, 1/29/2013 5:00:10 AM     (No. 9145578)

Right, 7. Can you say kickback?

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Reply 9 - Posted by: Trigger2, 1/29/2013 5:17:43 AM     (No. 9145591)

Big pay raises for demonrat contributors and bundlers...no problem...nothing to see here.

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Reply 10 - Posted by: Periwinkel, 1/29/2013 6:29:20 AM     (No. 9145637)

Now I understand the soft focus, lovey-dovey ads afrom AIG lately. They were preparing for the bad news "dump" coming about their recent raises and bonuses for the officers of the company. If AIG was smart, they made sure those bonuses found their way to the bottom of the employee rosters.

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Reply 11 - Posted by: Rumblehog, 1/29/2013 9:11:19 AM     (No. 9145981)

Of course, because the under the table donations to the DNC were already agreed to.

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Reply 12 - Posted by: mitzi, 1/29/2013 9:41:05 AM     (No. 9146068)

Buried at the bottom of the article:

The three firms combined received nearly $250 billion in TARP funds. Only AIG has fully repaid its $182 billion bailout.


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Reply 13 - Posted by: mickturn, 1/29/2013 10:10:44 AM     (No. 9146155)

Crony payoff´s, it´s as simple as that.

Geitner should be in prison, in a cell with Bubba!

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Reply 14 - Posted by: JackBurton, 1/30/2013 8:15:09 AM     (No. 9147973)

Granted that GM´s bailout/WH-directed-restructuring was a political sop, AIG might bever have gotten into trouble if their old boss had been allowed to stay in charge but Eliot Spitzer, that paragon of virtue, hounded him out of his position. With that said, AIG didn´t cause the mortgage fasco but they did insure part of it... wisely, it turned out. If it weren´t for the liquidity crunch, they never would have been in short term trouble... with the TARP money, they were able to outlast the illiguidity of their positions and meet all obligations/make a profit. You, me, we´re all paid back plus interest and a lot of Fannie Mae problems have been resolved.

WHY NOT compensate the skilled problem solvers at AIG with big bucks? You want them being lured away to people who didn´t have problems? Leave the taxpayers holding a bigger bag?.

Ally... anyone remember their mortgage commercials?? Yeah, I have problems with GM and Ally... but why include AIgin this?

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Reply 15 - Posted by: JackBurton, 1/30/2013 8:17:09 AM     (No. 9147981)

Granted that GM´s bailout/WH-directed-restructuring was a political sop, AIG might never have gotten into trouble if their old boss had been allowed to stay in charge but Eliot Spitzer, that paragon of virtue, hounded him out of his position. With that said, AIG didn´t cause the mortgage fiasco but they did insure part of it... wisely, it turned out. If it weren´t for the liquidity crunch, they never would have been in short term trouble... with the TARP money, they were able to outlast the illiquidity of their positions and meet all obligations/make a profit. You, me, we´re all paid back plus interest and a lot of Fannie Mae problems have been resolved.

WHY NOT compensate the skilled problem solvers at AIG with big bucks? You want them being lured away to people who didn´t have problems? Leave the taxpayers holding a bigger bag?.

Ally... anyone remember their mortgage commercials?? Yeah, I have problems with GM and Ally... but why include AIg in this?

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